The 42-year-old is set to succeed Vitor Pereira - after the club agreed a compensation package with Middlesbrough.
Edwards will return to Molineux with Wolves sitting rock bottom of the Premier League, after picking up just two points from their first 11 games.
Although he began his playing career with Aston Villa, it was at Wolves where he enjoyed some of his best days as a player, albeit amid a number of spells on the sidelines.
In total, Edwards made 111 appearances during his four seasons at Wolves, and worked under the likes of Dave Jones, Glenn Hoddle and Mick McCarthy.
He left for Blackpool in 2008 and played 26 times in the season Ian Holloway famously led them to the Premier League via the Championship play-offs in 2010.
Rob Edwards played 111 times during his four seasons at Wolves.
Rob Edwards played 111 times during his four seasons at Wolves.
Edwards, who was also capped 15 times by Wales, featured just twice for Blackpool in the top-flight and spent part of the 2010-11 campaign on loan at Norwich City.
Injuries continued to set him back, and Edwards took the decision to hang up his boots aged just 30, after a spell at Barnsley, and loan stints at Fleetwood Town and Shrewsbury Town.
Wolves roots
It was immediately clear that Edwards wanted to pursue a coaching career and he had even started his qualifications two years prior to his appointment as under-18s head coach at Wolves.
"I felt fortunate that I already had a focus, and I knew what I wanted to do next," Edwards later reflected.
Prior to that appointment, Edwards worked a year unpaid, juggling a coaching role with Manchester City's academy and Wolves' under-15 team.
He was eventually offered the under-14s job at City, but opted for Wolves, after discovering 48 hours later that his application for the under-18s vacancy at Wolves had been accepted.
Rob Edwards
Rob Edwards coached Wolves under-18s, before being promoted to the first team backroom staff in 2015.
Reflecting on that period in 2020, Edwards said: "There were a lot of six day weeks during that year and plenty of evenings as it snowballed, but I loved it.
"Yes, I wasn't getting paid for it, but it certainly wasn't for nothing in the end."